FREEPORT ANNOUNCES LISBON VALUATION AND INVESTOR VISIT TO PORTUGAL

Freeport plc, a leading owner, developer and operator of designer outlet
villages in Europe, will today host a site visit for institutional
investors at the Group's Freeport Lisboa Designer Outlet Resort at
Alcochete in Portugal.

 During the visit, the management of Freeport will announce that C B
Richard Ellis have carried out an indicative independent professional
valuation of the Freeport Lisboa Designer Outlet Resort at Euro210 million,
based on an assumed yield of 7.75%.

The Freeport Designer Outlet Resort is scheduled to open to coincide
with the Euro 2004 Football Championships being held in Portugal. The
total project cost is approximately Euro170 million, which includes the
fixed price main contract of Euro106 million. Pre-leasing of the centre is
well advanced and terms have been agreed for 56% of the space with a
further 24% under negotiation.

Freeport's designer outlet resort in Alcochete, located at the southern
end of the Vasco da Gama bridge leading to Lisbon city centre, will be
Europe's largest designer outlet development, when opened. Totalling
some 37 hectares of land with a gross build of approximately 115,000
square metres, the development will include approximately 200 retail
shops, 38 restaurants, a 22 screen cinema, 2 nightclubs, a children's
entertainment centre, an auditorium and staging for live entertainment,
water features and underground and surface parking for 3,500 cars.

Sean Collidge, Executive Chairman said;
"Following shareholder interest in the progress of our Freeport Designer
Outlet Resort in Lisbon, we are pleased to report that the external
valuation supports the indicative surplus that Freeport shareholders may
expect from this exciting new development. This will underpin Freeport's
success as a mainland European outlet developer".

Enquiries:
Sean Collidge
Freeport plc
Tel: +44(0) 20 7299 9360

Media Enquiries
Stephen Benzikie/James Horsman
Edelman Financial
Tel: +44(0) 20 7344 1200